Hess Sells Chain of Company Operated Gas Stations

Hess Corporation has agreed to sell its retail business to Marathon Petroleum Corporation for a total cash consideration of $2.6 billion.

Hess Retail is the largest chain of company operated gas stations and convenience stores along the East Coast with 1,342 locations.

Proceeds from the sale will be used for additional share repurchases and the company has increased its existing share repurchase authorization from $4 billion to $6.5 billion. Since the commencement of the program in August 2013, the company has repurchased approximately $2.8 billion in stock.

John B. Hess, Chief Executive Officer, said, “The sale of our retail business marks the culmination of our strategic transformation into a pure-play exploration and production company. I especially want to express my deepest appreciation to our employees in the retail business for their outstanding work and extraordinary dedication over the years building the Hess brand and serving our loyal customers.”

Press Release, May 22, 2014; Image: Hess

Share this article

Follow LNG World News

Events>

<< Jan 2018 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018…

read more >

CWC Japan LNG & Gas Summit

The inaugural CWC Japan LNG & Gas Summit, with participation and support from METI, JERA, Tokyo Gas and IEEJ, is the dedicated platform for international suppliers…

read more >

Asia Pacific Maritime and Offshore Exhibition 2018

7 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia…

read more >

CWC 2nd Papua New Guinea Petroleum & Energy Summit

The 2nd CWC Papua New Guinea Petroleum and Energy Summit is held under the patronage of the Prime Minister of Papua New Guinea…

read more >